The Insurance Wake-Up Call: Why Broker Selection Matters

Hey there, fellow business owners and decision-makers! I recently had an eye-opening meeting with a large manufacturing company that got me thinking about the importance of choosing the right insurance broker. You won’t believe the insurance mishaps I uncovered during our chat, and I’m here to spill the beans and show you why broker selection should be at the top of your priority list.

“Certificate Hell” and Renewal Chaos

Ever been stuck in “certificate hell” with multiple renewal dates? This company sure was. Their insurance lines were renewing left and right, causing administrative chaos. Sound familiar? It’s a clear sign of a broker who isn’t keeping things organized.

The Last-Minute Renewal Surprise

Imagine finding out about your insurance renewal the day before it’s due. That’s what happened here. The managing agency was just going through the motions and assuming everything was fine. No strategy, no proactive approach. If your broker isn’t having renewal strategy meetings with you, it’s time to raise an eyebrow.

Underrated Exposures and Audit Nightmares

This one’s a kicker. Their exposures were seriously underrated, and they were heading for a hefty audit. Yikes! An attentive broker should catch this before it becomes a problem.

Inflation Guard: The Inflated Problem

Their property coverage had been on autopilot, with a measly 2% inflation guard increase each year. Inflation has been running wild, and their facility was underinsured by around $2 million! A good broker keeps your coverage up to date.

Business Income: Less Than Half the Story

Business income coverage is a lifeline when things go south. But this company’s coverage was only 20% of what they needed. That’s not even close! A broker should help you assess your actual needs.

Experience Mod Rating: The Unexplored Territory

Their Experience Mod Rating was okay at .79, but it could’ve been as low as .66. They had no idea about the potential savings! Your broker should be on top of this and help you optimize it.

Paying Big Bucks for Subpar Service

Last but not least, they were forking over $25,000 in commissions to their current agent. What did they get in return? Not much! You should be getting top-notch service for your hard-earned dollars.

So, What’s the Takeaway?

Stop worrying about “getting quotes” and start focusing on who’s managing your insurance program. It’s not just about the price; it’s about having a trusted advisor in your corner.

Let’s Connect and Improve Your Insurance Experience

If any of this sounds familiar—late renewals, audit headaches, claims nightmares, or simply the desire for a better insurance experience—let’s chat. I’m here to help you navigate the insurance maze and make sure you get the coverage and service you deserve.

Feel free to drop a comment or reach out with your own insurance stories or questions. I’d love to hear from you!

Start Your Quote Here

Are you ready to save time, aggravation, and money? The team at PrimeRisk Insurance Solutions is here and ready to make the process as painless as possible. We look forward to meeting you!